The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to post a solid gain on Thursday. In afternoon trade the benchmark index has followed the lead of Wall Street and is up over 0.4% to 5,750.2 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Bellamy's Australia Ltd (ASX: BAL) share price has fallen 4.5% to $7.30 following the release of an investor day presentation. Although the presentation was very positive and painted a bright future for the infant formula company, it also revealed that it is still waiting for its SAMR application to be approved. This is required to sell its Chinese label products on the China mainland and its delay has led to a significant slowdown in sales growth.
The Bubs Australia Ltd (ASX: BUB) share price has dropped 6% to 46.5 cents. The goats milk infant formula company's shares rose strongly on Wednesday after it provided a positive sales update at its annual general meeting. I suspect that today's decline could be attributable to profit taking from some traders.
The Gentrack Group Ltd (ASX: GTK) share price has tumbled 6% to $5.75 after the billing software company released its preliminary final report. For the 12 months ending September 30 Gentrack delivered a 39% lift in revenue to NZ$104.5 million and a 17.3% increase in net profit to NZ$13.9 million. However, management warned that there is significant investment uncertainty amongst its utility customers in key markets which could impact its FY 2019 performance.
The Mayne Pharma Group Ltd (ASX: MYX) share price has fallen 7% to 96.5 cents on the day of its annual general meeting. Although the pharmaceutical company reported strong growth in revenue and gross profit for the first four months of FY 2019, the lack of half or full year guidance appears to have spooked investors and sent some to the exits today.
